Yes Bank Ltd’s search and selection committee has finalized an initial list of more than a dozen candidates as it looks for a successor to managing director and CEO Rana Kapoor, said a person directly aware of the development.

“There are over a dozen names in the first list of potential candidates to succeed Rana Kapoor as the bank’s new managing director. The final list will take about a month," this person said requesting anonymity.

The bank said its search and selection committee chaired by Brahm Dutt met Korn Ferry, the empaneled global leadership advisory firm on Friday. “All committee members were present," it said.

On 5 October, Yes Bank appointed former Insurance Regulatory and Development Authority chairman T.S. Vijayan and former State Bank of India chairman O.P. Bhatt as two external experts in its search and selection panel to shortlist a successor to Kapoor.

The bank’s search and selection panel has five members, including three internal members, Brahm Dutt, Lt General Mukesh Sabharwal (Retd) and Subhash Chander Kalia. Dutt and Sabharwal are independent directors, while Kalia is the bank’s non-executive non-independent director.

On 11 October, the bank finalized Korn Ferry as the advisory firm to assist the committee to find a successor of Kapoor, who has been at the bank’s helm since the bank’s inception in 2003.

The Reserve Bank of India (RBI) had on 17 September rejected the Yes Bank board’s request for a three-year extension for Kapoor till 31 August 2021. The board met on 25 September stating that it will ask RBI to grant an extension of eight months for Kapoor and the bank’s board will appoint a search and selection committee with two external members to find a suitable successor.

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